The Federal Energy Regulatory Commission on Sept. 9 approved a June 24 application by Chaves County Solar LLC, Live Oak Solar LLC, Marshall Solar LLC and River Bend Solar LLC, which each have solar projects that are going into first operation around now, for approval of outside investment in those companies.
JPM Capital Corp. (JPMCC) or an affiliate woulds acquire the passive Class B Membership Interests in Indigo Plains Solar LLC from an affiliate of NextEra Energy (NYSE: NEE). “Applicants state that the Proposed Transaction may not require Commission approval under FPA section 203(a)(1); they nevertheless ask the Commission to authorize the Proposed Transaction,” FERC noted. “This order authorizes the Proposed Transaction without making any determination of jurisdiction.”
- Chaves County will own and operate a 70-MW photovoltaic facility (Chaves Facility) located in Chaves County, New Mexico, within the Southwest Power Pool (SPP) market. It will interconnect with the Southwestern Public Service Co. (SPS) transmission system. Chaves County has entered into a long-term power purchase agreement with SPS for 100% of the power produced by the Chaves Facility. This project company said in a May 11 filing at FERC that this facility may start producing test energy as early as Sept. 1 of this year.
- Live Oak will own and operate a 51-MW photovoltaic facility (Live Oak Facility) located in Candler County, Georgia, within the Southern Co. (SOCO) balancing authority area (BAA). The Live Oak Facility will interconnect with the Georgia Power transmission system. Live Oak has entered into a long-term power purchase agreement with Georgia Power for 100% of the power produced. Live Oak said in an April 6 filing at FERC that this facility may start producing test energy as early as Sept. 1, 2016.
- Marshall will own and operate an approximately 62-MW photovoltaic facility (Marshall Facility) located in Lyon County, Minnesota, within the Midcontinent Independent System Operator (MISO) market. The Marshall Facility will interconnect with the Northern States Power (NSP) transmission system. Marshall has entered into a long-term power purchase agreement with NSP for 100% of the power produced. This facility may start producing test energy as early as Aug. 2, 2016, said the project company in a June 3 filing at FERC.
- River Bend will own and operate a 75-MW photovoltaic facility (River Bend Facility) located in Lauderdale County, Alabama, within the Tennessee Valley Authority (TVA) BAA. The River Bend Facility will interconnect with TVA’s transmission system. River Bend has entered into a long-term power purchase agreement with TVA for 100% of the power produced. This facility may start producing test energy as early as Sept. 1, 2016, said the project company in a June 10 filing at FERC.
These companies are indirect, wholly owned subsidiaries of NextEra Energy Resources LLC, which is an indirect, wholly owned subsidiary of NextEra Energy. JPMCC is an indirect, wholly owned subsidiary of JPMorgan Chase & Co., an international financial services company.
Under this now-approved transaction, JPMCC will acquire 100% of the Class B Membership Interests in Indigo Plains, while NextEra Resources will indirectly retain 100% of the Class A Membership Interests. The Class B Membership Interests are passive tax equity interests that do not constitute voting securities.